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Question - Meadows Laboratories holds a valuable patent for a "gazak". The history of costs associated with the "gazak" are as follows.
Date
Activity
Cost
2000-2001
Research conducted to develop "gazak"
$117,000
Mar. 2002
Design and construction of a prototype
81,500
Oct. 2002
Testing simulations
36,750
Feb. 2003
Redesigning based on simulation results
41,250
Apr. 2004
Legal fees paid for patent granted May, 2004
69,955
May 2008
Legal fees paid to successfully defend patent
23,205
Jan. 2010
Research aimed at modifying the "gazak" design
17,500
Oct. 2013
11,240
Meadows assumed a useful life of 17 years for the patent in May, 2004. On January 1, 2012, it revised its useful life estimate downward to 6 remaining years.
Amortization is computed for a full year if the cost is incurred prior to July 1, and no amortization for the year if the cost is incurred after June 30. The company's year ends December 31.
Instructions - Compute the carrying value of the "gazak" on each of the following dates:
(a) December 31, 2005.
(b) December 31, 2008.
(c) December 31, 2011.
(d) December 31, 2013.
(e) December 31, 2015.
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